KUALA LUMPUR, July 5 — Sona Petroleum Bhd, which will be listed on the Main Market of Bursa Malaysia on July 30, aims to raise RM550 million through its initial public offering (IPO).
The IPO exercise involves a total offering of 1.1 billion new shares of one sen each, together with 1.1 billion free detachable warrants.
It will be on the basis of one warrant to every one public issue share at 50 sen per share.
Upon its listing, Sona Petroleum is expected to have a market capitalisation of up to approximately RM705.4 million.
Its Independent Non-Executive Chairman, Andreas Johannes Raymundus van Strijp said proceeds from the IPO will enable the company to acquire companies or assets in the exploration and production phases.
“With the industry’s bright outlook, we are excited to be given an opportunity to lead Sona Petroleum at being potentially, the largest special purpose acquisition company ever in Malaysia to be listed on the Main Market of Bursa Malaysia,” he said in a statement today.
CIMB and RHB are the joint principal advisers, joint placement agents and joint managing underwriters.
CIMB and RHB also act as the joint underwriters together with Kenanga Investment Bank and MIDF Amanah Investment Bank for the retail offering. — Bernama
